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Solana: a history of failures and the questions they raised
Earlier this month there was a failure on the Solana blockchain. Let's figure out what kind of network it is, why it failed and what questions came after.
Earlier this month there was a failure on the Solana blockchain. Let's figure out what kind of network it is, why it failed and what questions came after.
Solana is a blockchain platform that supports many DeFi solutions, including the development of decentralized applications and smart contracts.
The system is very appealing to developers. It allows you to write applications inside it in popular programming language Rust, which ensures simplicity, convenience and integrity of development. Besides, NFT is rapidly gaining popularity on the Solana blockchain. The network is known for its high speed and low commissions, which is why creators love it.
Due to rapid growth of the NFT market Solana was considered to be the main competitor of Ethereum — a blockchain platform, also designed to create decentralized online services and apps based on smart contracts. However, the failures became more frequent.
Let’s go back to where we started: on the 1st of June Solana blockchain experienced the latest in a series of shutdowns. The reason was a failure in processing longterm untargeted transactions, which led to non-determinism, when nodes were generating different outcomes for the same block. Solana shut down but it was fixed in just 4.5 hours. This was the quickest hard fork in the system’s history.
What was the plan? Solana’s team asked validators to reboot the system and issued instructions: the goal was to create a snapshot of a certain timespan, from which the system could be restarted.
This was not the first failure at Solana, the one before that happened less than a month prior. On the 30th of April the system went down for 7 hours. It happened because NFT hunting bots overflooded the blockchain with a stream of transactions. In January the network was down for 47 hours. There have also been shutdowns in December and September of 2021.
The latest shutdown raised two core questions about Solana:
1. Is it fair to call this system decentralized if validators were needed to restart it?
2. With all the shutdowns it has experienced this year, does Solana still justify its status of being one of the most high-end blockchains?
What’s your opinion on this blockchain? Please share your experience and thoughts on the matter.
#minto_news #minto_education
The system is very appealing to developers. It allows you to write applications inside it in popular programming language Rust, which ensures simplicity, convenience and integrity of development. Besides, NFT is rapidly gaining popularity on the Solana blockchain. The network is known for its high speed and low commissions, which is why creators love it.
Due to rapid growth of the NFT market Solana was considered to be the main competitor of Ethereum — a blockchain platform, also designed to create decentralized online services and apps based on smart contracts. However, the failures became more frequent.
Let’s go back to where we started: on the 1st of June Solana blockchain experienced the latest in a series of shutdowns. The reason was a failure in processing longterm untargeted transactions, which led to non-determinism, when nodes were generating different outcomes for the same block. Solana shut down but it was fixed in just 4.5 hours. This was the quickest hard fork in the system’s history.
What was the plan? Solana’s team asked validators to reboot the system and issued instructions: the goal was to create a snapshot of a certain timespan, from which the system could be restarted.
This was not the first failure at Solana, the one before that happened less than a month prior. On the 30th of April the system went down for 7 hours. It happened because NFT hunting bots overflooded the blockchain with a stream of transactions. In January the network was down for 47 hours. There have also been shutdowns in December and September of 2021.
The latest shutdown raised two core questions about Solana:
1. Is it fair to call this system decentralized if validators were needed to restart it?
2. With all the shutdowns it has experienced this year, does Solana still justify its status of being one of the most high-end blockchains?
What’s your opinion on this blockchain? Please share your experience and thoughts on the matter.
#minto_news #minto_education
Minto is travelling to Kazakhstan!
Binance Community Meetup will be held today in Nur-Sultan. The line-up includes reports on the ecosystem and Kazakhstan’s prospects from Binance representatives, mining, NFT, presentations of products and services, giveaways and souvenirs.
Among the speakers will be the CEO of Minto. He will share his knowledge of mining and his views on the market.
Entry is free, you just have to register for the event.
#minto_events #minto_news
Binance Community Meetup will be held today in Nur-Sultan. The line-up includes reports on the ecosystem and Kazakhstan’s prospects from Binance representatives, mining, NFT, presentations of products and services, giveaways and souvenirs.
Among the speakers will be the CEO of Minto. He will share his knowledge of mining and his views on the market.
Entry is free, you just have to register for the event.
#minto_events #minto_news
The first Binance Community Meetup is being held in Kazakhstan as we speak. The lineup includes the CEO of Minto. In honor of the event we decided to run a giveaway! Minto tokens are the prize.
In order to win them, you have to subscribe to this channel and press «I’m in». Also, it would make us happy if you supported a few posts with your reactions.
Bot will automatically sum up results and choose 20 winners, whom we will ask to contact us afterwards.
Join in!
Winner(-s): @angrydaughter, @atsh_73, @katja_ppv, @yummylove01, @Gaaiku, @bar_bang, @Kittttttttttttttttt, @dimaximov01, @dosbibarys, @masashi4824, @g_abylaykhan, @FBIOst, @andlei, @sa_dimash, @Ferintor, AA, M O, Ермек, Nurbek Zha, MarciN
Please reach out to @mintosmm with your wallet number. Tokens will be sent to you in a few days🙂
#minto_contest
In order to win them, you have to subscribe to this channel and press «I’m in». Also, it would make us happy if you supported a few posts with your reactions.
Bot will automatically sum up results and choose 20 winners, whom we will ask to contact us afterwards.
Join in!
Winner(-s): @angrydaughter, @atsh_73, @katja_ppv, @yummylove01, @Gaaiku, @bar_bang, @Kittttttttttttttttt, @dimaximov01, @dosbibarys, @masashi4824, @g_abylaykhan, @FBIOst, @andlei, @sa_dimash, @Ferintor, AA, M O, Ермек, Nurbek Zha, MarciN
Please reach out to @mintosmm with your wallet number. Tokens will be sent to you in a few days🙂
#minto_contest
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What’s been happening at Minto over the past few weeks? Spoiler: a lot. And there’s more to come! Read all about it in the digest 👇
— Discord launch. Yes, Minto is now on Discord! We will use it to interact with you more, discuss news from the cryptocurrency world and put out streams. Join our community: https://discord.gg/minto.
— Minto x BSC. Our token is now available on one of the most popular and reliable blockchain platforms — Binance Smart Chain. You can learn how to import the BTCMT token here.
— Just in case you are used to working with Huobi Global exchange, here’s a post for you.
— Operational changes at Minto. Last week we proposed to optimize and improve mining on Minto’s existing equipment by lowering energy consumption at peak hours, when electricity rates are higher. The decision was up to you! The vote yielded the following results: 100% votes for switching to “65% uptime” mode.
— Conference in Kazakhstan. Minto founders spoke at the first Binance Community Meetup in Nur-Sultan, Kazakhstan. They talked about the company, shared their knowledge on mining and views on the market.
This was a great month, and we’re looking forward to more exciting stuff ahead!
#minto_about
— Minto x BSC. Our token is now available on one of the most popular and reliable blockchain platforms — Binance Smart Chain. You can learn how to import the BTCMT token here.
— Just in case you are used to working with Huobi Global exchange, here’s a post for you.
— Operational changes at Minto. Last week we proposed to optimize and improve mining on Minto’s existing equipment by lowering energy consumption at peak hours, when electricity rates are higher. The decision was up to you! The vote yielded the following results: 100% votes for switching to “65% uptime” mode.
— Conference in Kazakhstan. Minto founders spoke at the first Binance Community Meetup in Nur-Sultan, Kazakhstan. They talked about the company, shared their knowledge on mining and views on the market.
This was a great month, and we’re looking forward to more exciting stuff ahead!
#minto_about
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Friends! We would like to invite you to our AMA session, which we’ll be hosting together with BitKeep.
During the session our CEO will answer the most common questions about the company in real time.
⏰ The session will start on July 4 at 11 AM UTC.
📍 It will take place on BitKeep’s telegram channel: https://t.me/bitkeep.
❓ The conversation will take the form of real time messaging. You can start asking your questions under this post!
#minto_events
During the session our CEO will answer the most common questions about the company in real time.
⏰ The session will start on July 4 at 11 AM UTC.
📍 It will take place on BitKeep’s telegram channel: https://t.me/bitkeep.
❓ The conversation will take the form of real time messaging. You can start asking your questions under this post!
#minto_events
We are also doing a token airdrop worth $5,000.
To complete tasks, please follow the link:
https://bk.page/airdropDetails?activity=213
#minto_contest
To complete tasks, please follow the link:
https://bk.page/airdropDetails?activity=213
#minto_contest
A gentle reminder: today we are hosting an AMA-session together with BitKeep! Minto’s CEO will answer most common questions.
When? 11 AM UTC.
Where? BitKeep‘s telegram channel: https://t.me/bitkeep
Format: real time messaging.
See you there!
#minto_events
When? 11 AM UTC.
Where? BitKeep‘s telegram channel: https://t.me/bitkeep
Format: real time messaging.
See you there!
#minto_events
Hey to everyone who’s recently joined us for the AMA session and Airdrop with BitKeep!
During the session we got some popular questions about us, so we decided to highlight and answer them in a Q&A format.
⛏ How does it work?
It’s easy! All you need to do is buy and stake BTCMT tokens — where 100 BTCMT = 1 TH/s of mining power. By doing so you will earn rewards every day with an option to withdraw it at any time.
⛏ As a newbie how can I start mining with Minto?
We have detailed instructions on how to get started with mining on our website: from the first steps, such as how to open a crypto wallet to the very end. Here is a link.
⛏ Where can I buy Minto tokens (BTCMT)?
Directly through the BitKeep swap, through the PancakeSwap on BSC, MDEX on HECO and on our website.
⛏ Who pays fees on Minto?
There are no direct fees. All the costs are deducted automatically from your income before your reward is distributed. Read more in our Whitepaper.
Wanna learn more? Join us on our social networks:
Discord: https://discord.gg/Minto
Twitter: https://twitter.com/BTCMTOfficial
Official EN chat: @btcmtofficialchat
#minto_about
During the session we got some popular questions about us, so we decided to highlight and answer them in a Q&A format.
⛏ How does it work?
It’s easy! All you need to do is buy and stake BTCMT tokens — where 100 BTCMT = 1 TH/s of mining power. By doing so you will earn rewards every day with an option to withdraw it at any time.
⛏ As a newbie how can I start mining with Minto?
We have detailed instructions on how to get started with mining on our website: from the first steps, such as how to open a crypto wallet to the very end. Here is a link.
⛏ Where can I buy Minto tokens (BTCMT)?
Directly through the BitKeep swap, through the PancakeSwap on BSC, MDEX on HECO and on our website.
⛏ Who pays fees on Minto?
There are no direct fees. All the costs are deducted automatically from your income before your reward is distributed. Read more in our Whitepaper.
Wanna learn more? Join us on our social networks:
Discord: https://discord.gg/Minto
Twitter: https://twitter.com/BTCMTOfficial
Official EN chat: @btcmtofficialchat
#minto_about